US markets close at their lows and gold at its high
Doc and I wrap up the markets for this week looking at the breakdown in the US markets and continued move up in gold. This week will be the 5th straight week of gold putting in gains and the lowest weekly close for the S&P since early February.
Click download link to listen on this device: Download Show
(PPP) (P) Primero to Resume Operations at San Dimas
04/13/2017
“Primero Mining Corp. announced today that it has successfully resolved the work stoppage of unionized employees that began on February 15, 2017. Operations are expected to resume at Primero’s San Dimas mine in Mexico on Tuesday, April 18, 2017.”
“The Company is also pleased to announce that it has a new Collective Bargaining Agreement with the National Union of Mine, Metal, Steel and Allied Workers of the Mexican Republic. The agreement provides a formal structure for regulating all aspects of the relationship between Company and its unionized employees. The Company considers the new CBA to be both fair and equitable to all parties, and provides Primero with a competitive cost structure aligned to the future success of San Dimas operations.”
That’s good news!
Very good news. (PPP)shot up over 15% in the afterhours trading when this news broke to $.65 but settled down just with just over a 10% gain at $.61. Quite a nice pop.
Here’s the exact figures at the afterhours close:
Primero Mining Corp (PPP) $0.61 up $0.0569 (10.29% gain)
After hours: 6:19PM EDT
My screen shows the last trade at .66 (16.88% gain).
It’s nice that the news came when the Bollinger bands could hardly get any narrower!
http://stockcharts.com/h-sc/ui?s=PPP&p=D&yr=0&mn=5&dy=13&id=p65079311386
Nice. Usually when BBs narrow, an equity is about to break out or break down.
Thank goodness we got the breakout in afterhours trading. 😉
Narrower = more stored energy.
Shanghai closed: Gold $1294.75, Silver $19.00
Nice.
June Gold finally topped $1290 by $.10 late today.
Unfortunately GDXJ didn’t get the memo…
It was getting rebalanced though, and they put a restriction on NUGT & JNUG which affected some of the companies held inside of GDXJ, so we’ll cut it a slight break.
Epstein End of Day TA:
https://youtu.be/5a3TuGyRXH8?t=32
Metals TA
https://youtu.be/q4AqCq_nX2A?t=35
Since the beginning of the year I made a guess gold would end 2017 around $1250-1300. It would be higher then last year, but still not at the take off mode. Gold is a currency, and like the fiat currencies it is also managed to some extent in shorter time periods. Geopolitics currently is forcing more treasury bonds to be bought pushing down yields, which is supporting the gold price. Then we have comments from trump re:weaker dollar etc etc… bar WWIII or something serious in syria/korea etc…the geopolitics is just a headwind within the big picture and the gold market as it always does will ignore it once again. Push/pull factors will win out….we have the fed as per jim rickards recent interview looking to increase interest rates next couple of years to around 3% (I think they could reach that without crashing the stockmarket- a small fall isn’t a concern to the fed), we have an indebted economy so deflationary forces still in place coupled with very weak gdp growth in fact a strong USD means imports cheaper so once again deflationary. We have some inflation in Europe etc……but there is talk of QE being reigned in now in Europe, which will affect the southern european economies in particular.
Gold slowly going higher over a longer time frame still feels to me the current way it will move. The V-Shape which we would all appreciate to make the $$$ with the miners unfortunately still seems too distant for my liking. Only a black swan fat tail event can rip gold upwards.
It is improbable for Gold to be under $1300 by year end, given the War insanity present in the world.
As the general stock market correct, it is, at first, probable that money would transition to safety…..the bond market….Until inflation picks up.
When inflation picks up the bond market will collapse and money (especially outside the US) will transition into real things. Precious metal, resources, farm land etc.
Crypto trading here I come!
Avino Silver produces 604,643 oz AgEq in A1
2017-04-13 09:03 ET – News Release
Mr. David Wolfin reports
AVINO ANNOUNCES Q1 2017 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. has provided its first quarter 2017 production results from its Avino property near Durango, Mexico.
Consolidated production highlights for first quarter 2017 (compared with first quarter 2016)
Silver equivalent decreased by 16 per cent to 604,643 ounces*;
Gold production increased by 23 per cent to 1,837 ounces;
Silver production decreased by 21 per cent to 320,082 ounces;
Copper production decreased by 24 per cent to 1,024,853 pounds.
Direxion Suspends Creation Units for Daily Junior Gold Miners Index Bull 3X Shares
SILVER OPEN INTEREST ON COMEX CLIMBS TO WITHIN 600 CONTRACTS OF A RECORD DESPITE BEING $1.90 OFF WHEN THAT RECORD WAS SET.
Fundamental analysis, I tend to agree with your logic. That v shaped tear upwards isnt sustainable and probably only rides on the coat tail of that black swan you talked about. Good to see gold and silver close where they did. Although it looks as though silver is meeting some stiff double top resistence in the immediate future.
The bears were able to stuff GDXJ today and prevent a weekly chart breakout:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=2&mn=9&dy=0&id=p24452482334&a=517635061
Silver is still looking good…
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=0&mn=11&dy=0&id=p13489944050&a=500462915
Gold had a good week versus the yen:
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=0&mn=11&dy=0&id=p13489944050&a=500462915
Oops, here’s the correct chart:
http://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24XJY&p=W&yr=7&mn=7&dy=0&id=p51238887360&a=516697513
GLD had a great week:
http://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=5&mn=3&dy=0&id=p12334003199&a=517381906
Gold managed to close above the 233 week MA and a 50% Fibonacci fan line.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=6&dy=0&id=p28990889502&a=518191187
Compared to gold, silver has some catching up to do with respect to the moving averages. I have no doubt at all that it will catch up but the market has to wake up to the fact that serious stagflation is coming soon.
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=5&mn=6&dy=0&id=p18923645357&a=518191349
How about debtflation.
http://stockcharts.com/h-sc/ui?s=%24LIBOR3
LIBOR is going higher for years to come.
Oops. Just realized you posted this CFS. Well it’s on here twice then…..
Cheers!
I’m a little surprised that KDX took out its April 5th low today but I don’t think this breakdown is anything more than a final shakeout.
http://stockcharts.com/h-sc/ui?s=KDX.TO&p=D&yr=1&mn=2&dy=0&id=p38512568191&a=517735054
Here are my inflation model forecasts for March and April USA CPI:
The weakest model is Oil9. The others are quite consistent, using current oil and gasoline price action combined with EIA forecasts for oil and gasoline:
Month Oil8 OIl9 Oil10 Gasol11 Gasol12 CPI BLS actual
Feb’17 2.80 2.75 2.76 2.78 2.81 2.7
Mar’17 2.62 2.29 2.90 2.46 2.51 TBA
Apr’17 2.28 2.12 2.40 2.33 2.38 TBA
March CPI is to be announced any minute now.
Here are my inflation model forecasts for March and April USA CPI:
The weakest model is Oil9. The others are quite consistent, using current oil and gasoline price action combined with EIA forecasts for oil and gasoline:
Month Oil8 OIl9 Oil10 Gasol11 Gasol12 CPI BLS actual
Feb’17 2.80 2.75 2.76 2.78 2.81 2.7
Mar’17 2.62 2.29 2.90 2.46 2.51 TBA
Apr’17 2.28 2.12 2.40 2.33 2.38 TBA
March CPI is to be announced any minute now.
http://1000gold.blogspot.com
Inflation forecast video (I hate doing PowerPoints!):
A non-log look at gold:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=5&dy=22&id=p33108126716&a=452999702
The next significant resistance for gold is about $1300…
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=9&dy=0&id=p30169033482&a=509895995
This is a good time to revisit my reverse symmetry chart for gold:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=2&dy=0&id=p89474313082&a=501128971
That’s a damn good chart sir. Much appreciated.
$1500 by the end of the year? 😮
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&b=5&g=0&id=p27411689560&a=503736549
haha! That’s quite a green arrow….
Personally I’d be thrilled to take out last years high of $1377.50 by the end of the year.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&b=5&g=0&id=p17151312917&a=503736549
It is quite an arrow but such a move would “only” cause gold to match its 2016 performance this year.
I’ll be all smiles if gold matches that kind of performance later this year. 🙂
It’s gonna be a really big show…… A cha-cha-cha……
Gold got through the resistance that I pointed out the other day and could hardly look better. Let’s see if the action next week helps to secure the bullish picture.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=9&mn=0&dy=0&id=p45529484652&a=514387730
Yes, it really has broken through multiple resistance targets, and it is encouraging that so many Gold bulls and resource investors don’t trust the move. Climbing a wall of worry…
Precious Metals Sector Poised For Correction
by @Goldfinger on April 14, 2017
https://ceo.ca/@goldfinger/precious-metals-sector-poised-for-correction
That wall of worry sure is a good thing. All we need now is a cyclical bear market in the conventional stock markets to really get the party started.
http://stockcharts.com/h-sc/ui?s=DIA&p=D&yr=1&mn=4&dy=0&id=p42665705868&a=433404534
I like the “worried face” hovering near the RSI divergence…. on the DIA chart.
Here is the face most of the half-cocked traders on WallStreet are making:
Resistance that deflected DIA lines up well with the Full Stochastics.
April 13, 2017 – Weekly Wrap-Up with Eric Sprott
By Craig Hemke – April 13, 2017
“This week, Eric Sprott discusses how geopolitical events and physical demand are driving gold and silver prices higher.”
https://www.sprottmoney.com/Blog/april-13-2017-weekly-wrap-up-with-eric-sprott.html
Gold Inches Closer to $1300 Per Ounce
April 13, 2017 – by Gary Wagner – Weekend Review
#TechnicalAnalysis #Chart #VIDEO
https://thegoldforecast.com/video/gold-inches-closer-1300-ounce
A Big #Gold Easter Egg
Super Force #PreciousMetals #Video #TechnicalAnalysis
Morris Hubbartt – posted Apr 14, 2017
SF60 Key #Charts & #VIDEO Analysis –
$SIL #Silver miners ETF $GDXJ daily $GLD daily $AEM Agnico $ABX Barrick $NGD NewGold $SPY (S&P 500 ETF)
https://superforce60.com/video/2017apr13sf60/2017apr13sf60.html
Super Force #PreciousMetals #Video #TechnicalAnalysis
Morris Hubbartt – posted Apr 14, 2017
SF Juniors Key #Charts & #VIDEO Analysis
$AKG Asanko $CDE Coeur $HL Hecla $SBB Sabina $GDXJ weekly
https://superforcejuniors.com/video/2017apr13sfj/2017apr13sfj.html
Super Force #PreciousMetals #Video #TechnicalAnalysis
Morris Hubbartt – posted Apr 14, 2017
SFS Key #Charts & #VIDEO Analysis –
$SGOL $GDX daily $XAU vs #GOLD $DIA (DOW ETF) $GCC (Commodity Index fund) $U Uranium Participation
https://superforcesignals.com/video/2017apr13sfs/2017apr13sfs.html
Super Force #PreciousMetals #Video #TechnicalAnalysis
Morris Hubbartt – posted Apr 14, 2017
SF Trader Time Key #Charts & #VIDEO Analysis
$NUGT (3x Gold stock bull) $DUST (3x Gold stock bear) $UGLD (3x Gold stock bull) $SQQQ (3x Nasdaq Bear) $TQQQ (3x Nasdaq Bull)
Scorpio Gold now has two weekly closes above the 50 week MA:
http://stockcharts.com/h-sc/ui?s=SGN.V&p=W&yr=2&mn=7&dy=11&id=p10360534274&a=517977690
SGN is overdue for a little love from the marketplace.
The next chart screams “sell the stock market and buy gold.”
http://stockcharts.com/h-sc/ui?s=DIA%3AGLD&p=W&yr=2&mn=7&dy=0&id=p41087102307&a=494251629
This next painting is called “The Scream” (and is a reaction to that chart you posted)
https://www.learner.org/courses/globalart/assets/non_flash_386/work_103.jpg
I’d scream about the price that thing fetched.
haha! agreed.
‘The Scream’ Is Auctioned for a Record $119.9 Million
By CAROL VOGELMAY 2, 2012
Yep, why someone wants to be long the stocks at this point, yet trash talk Gold equities (like many of the bobble-heads on the lame stream media economic news outlets) is beyond me.
Then again, many outlets are just going after Gold as a safe haven….every time it rises the same kind of articles start circulating:
________________________________________________________________
Gold Glistens, But Is It Still Attractive?
By Crystal Kim April 13, 2017 – Barron’s
http://www.barrons.com/articles/gold-glistens-but-is-it-still-attractive-1492107530
Here’s another article slamming the Safe Haven nature of Gold (as it rises higher)…
If the markets do take a tumble, we’ll save a copy of this and mail it to him with a copy of your chart. (lol)
____________________________________________________________
Opinion: Ask Arora: Buying Safe-Haven Investments Today is a Bad Bet
Published: Apr 13, 2017
Gold closed at @ $1301.58 on the Shanghai Gold Exchange
Silver closed at $19.19 on the Shanghai Gold Exchange
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You have some really great articles and I feel I
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Bayern Munchen 1 Manuel Neuer drakt
Send me an e-mail. alkorelin@gmail.com
(JAG) (JAGGF) Jaguar Mining Produces 22,291 Ounces of #Gold in Q1 2017; Pilar Gold Mine Production Up 86% On Strong Operating Performance
April 12, 2017 /CNW/
First Quarter 2017 Highlights
> Consolidated gold production of 22,291 ounces, up 5% year-over-year, with 214,000 tonnes of ore processed.
> Strong operating performance at Pilar Gold Mine resulted in an 86% increase in gold production to 8,485 ounces, a 17% improvement in average grade to 3.39 g/t, and higher recovery of 91%. Strong gold production reflects the advancing ore development into the higher-grade Orebodies BF and BFII.
> Turmalina Gold Mine produced 12,736 ounces of gold, lower than Q1 2016 and Q4 2016 production levels, due to lower throughput and grade. Mining activities in one section of Orebody A were temporarily interrupted during the quarter to conduct ground control rehabilitation work. Previously scheduled high-grade mining blocks from this area were deferred later into the mining schedule.
> Turmalina increased Measured & Indicated Mineral Resources by 22% to 540,000 ounces of gold (grade of 4.93 g/t Au), and Proven & Probable Mineral Reserves for Orebody C by 167% to 80,000 ounces of gold (grade of 4.10 g/t Au)
> Growth exploration programs advanced during the quarter with 1,889 metres of diamond drilling being completed from surface and 966 metres from underground. > Over 150 metres of exploration development also advanced during the quarter for new deep drilling horizon platforms at Pilar and Turmalina
> Preliminary cash balance of approximately $18.1 million as of March 31, 2017, compared to a cash balance of $26.3 million at December 31, 2016.
https://www.jaguarmining.com/investors/news-releases/2017/jaguar-mining-produces-22-291-ounces-of-gold-in-the-first-quarter-of-2017-pilar-gold-mine-production-up-86-on-strong-operating/